Did You Know You Can Do More With Fewer Workers? 2022

By: First Union

business-strategy

Did You Know You Can Do More With Fewer Workers? 2022

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As a small business owner, you're probably always on the lookout for ways in which to cut costs and ultimately save money. Numerous smaller businesses have begun turning more and more often to technology and apps that enable them to work more efficiently, with less expensive operating costs. You don't necessarily need a huge staff on hand, and administrative tasks can now be handled largely by software and innovative new platforms. It is about optimizing what you do and how you go about doing it.

Not to mention, by implementing technology to help manage your business, keep track of customer service issues and streamline communication, you're essentially facilitating a better all-around the client experience. The client is kept in the loop, notified when necessary, sent required documentation—you name it, there's technology available that can help your small company manage it.

And businesses only seem to be moving toward automation in greater numbers than ever before. According to a recent report, as many as a quarter of the country's workforce could have much of their work performed by machines.

This means little staff and more flexibility. Think about it, with fewer people to pay, you can be pickier about which projects you take on. You don't have to be constantly managing people either. You are, in essence, freed up in multiple ways. Another trend small firms are using to save money and cut personnel is to utilize freelance professionals.

Following the recession, the use of freelancers to perform what would otherwise be full-time jobs within a company started to become increasingly popular. Financially, it makes sense for many. Plus, if there is another economic downturn, employers are thus not as worried about having to lay off workers as the bulk of jobs are done by contract employees. Also, several small businesses tend to be seasonal in terms of their productive periods—having freelancers during the busier months and then saving that money you'd otherwise spend on salary during slower times can certainly be helpful.

First Union Lending can help your business with our many business loan programs. We tailor the business loan to you. Find out what you qualify for!

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